Taking over loan payments in Philadelphia, PA

[Harshil Kakadia]

Hello,

I recently came across a motivated seller who would like to basically get rid of her property. She has a condo with 1Bed/1 Bath and could be rented for $1000/month. Her mortgage payment is around $470 and HOA fees are $270. All I need to put down is moving cost for her and fix up cost. All together I am in this deal for $5000. The condo is worth somewhere around $35,000 and she owes $48,000. Don't ask me about it, her financial situation is a mess.

My question is, I can net $200/month out of this deal with $5000 down. So, how can I do this? Is there a lawyer out there who can help me out with this? This is my first creative deal and I would like to do more of these in the future.

Any comments, suggestions will be appreciated. 

Thanks,

Harshil